The March 17 Council text for EMIR Art.8 Para.1b has recently been amended from earlier drafts in a way which creates uncertainty and serious risks for the trading of derivatives.
This paper summarises the concern that the latest Council drafting on the treatment of collateral potentially introduces a right of counterparties to request during the term of a trade that the party that has received posted collateral should stop using such collateral in their general business and instead to put in place special arrangements such as specific trust arrangement or full segregation with a third party custodian.
Documents (1) for ISDA–AFME brief on segregation in bilateral contracts in the context of EMIR – 13 April 2011
Latest
Response to MAS on Treatment of Crypto Assets
On May 15, ISDA and the Asia Securities Industry and Financial Markets Association submitted a joint response to the Monetary Authority of Singapore’s (MAS) consultation, published in April 2026, on the prudential treatment of crypto assets on permissionless blockchains, welcoming MAS’s more...
Joint Response to EC on Market Risk Delegated Act
ISDA and the Association for Financial Markets in Europe (AFME) have responded to the European Commission’s (EC) consultation on the draft legal text of the upcoming market risk delegated act. The associations welcome the ongoing efforts to address the implementation...
ISDA/ASIFMA/GFXD Letter to RBI on INR-Denominated FX Derivatives Reporting
On March 9, 2026, ISDA, ASIFMA, and GFXD submitted a joint letter to the Reserve Bank of India (RBI) in response to the RBI’s Reporting Instructions for Authorised Dealer (AD) Category – I Banks draft directions to mandate the reporting...
IRD Trading Activity FY 2025 and Q4 2025
This report analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the full year 2025 include: European...